Ford has spent a great deal of time and money developing and marketing its EcoBoost family. The company makes a wide variety of EcoBoost engines (which is basically a fancy name for turbocharging plus direct injection) ranging from a 1.0-liter three-cylinder to a 3.5-liter V6.

Ford's efforts have paid off, as sales of the naturally aspirated V6- and EcoBoost V6-equipped F-150s have outpaced those of the V8 models. And all along the way, Ford has thumbed its nose at the Chevrolet Silverado/GMC Sierra, stating how its EcoBoost V6 gets V8 performance and V6 fuel economy.

GM, however, is hitting back today with the announcement that its new 5.3-liter EcoTec3 V8 engines manages to produce 355 horsepower and 383 lb-ft of torque. While the horsepower number compares favorably with the EcoBoost V6 in the F-150, it's down quite a bit in torque. GM says that in 4x2 trim, the EcoTec3 will be good for 23 mpg highway; checking off the 4x4 option box will result in 22 mpg on the highway.

2014 Chevrolet Silverado

Both of these numbers are 1 mpg better than the EcoBoost F-150. In fact, it matches the fuel economy of Ford’s naturally aspirated, 3.7-liter V6.

“Silverado’s available 5.3-liter EcoTec3 V8 gives customers the best of both worlds,” bragged Jeff Luke, executive chief engineer for the Silverado. “Customers get the proven power and dependability of a V-8 truck engine, with better fuel economy than a leading competitor’s smaller turbocharged V-6.”

GM’s fun in the mpg sun, however, likely won’t last long. Ford is reportedly looking to trim up to 700 pounds from the next generation F-150, which will go a long way towards improving fuel efficiency. Ford showcased the use of active aero technology on its Atlas truck concept (which no doubt is a precursor to the next generation F-150), which boost highway fuel efficiency by 2 mpg.